Manchester City FC to Expand into the Metaverse

 

What is the Metaverse?

Like out of a sci-fi film, the term metaverse is largely vague and strictly undefined. Perhaps popularized most by Facebook’s – or Meta’s – unveiled concept of the metaverse, the term implies and means a myriad of different ideas.

Mostly, however, when using the term metaverse people are referring to the next-generation of how we interact with technology.

Much like discussing the concept of the internet before the internet was brought to life, the discussions around the metaverse play into almost science-fiction like possibilities, – but which have the potential to truly become reality.

Somewhat similar to Ernest Cline’s Ready Player One, the idea of a metaverse wherein users can purchase digital goods, participate in work meetings, interact with users from all over the globe, and even purchase houses within the digital space is where many believe the next generation of virtual conception is heading given the advancements and uses of blockchain technology.

And while the inception of the metaverse might not be fully unveiled, the characteristics and functions within the proposed metaverse are individually being brought to reality.

 

Manchester City FC’s Big Move

Soccer club, or football – depending on where you’re from-, Manchester City FC is utilizing this new concept of the metaverse in a 3-year partnership agreement with Sony to build a replica of their famous Etihad Stadium within the metaverse.

Created to allow fans from near and far to join in watching live and recorded matches, this pandemic-inspired concept boasts the possibility of monetization and increased fan interaction well into the future.

Sony aims to allow fans a virtual look at the in’s and out’s of the stadium and the games. Using virtual frameworks, fans will be able to look at the game from a variety of different angles which will lead to increased interaction between fans and their viewership of the games.

This concept might not stop at just viewership, as integration with the metaverse allows clubs to increase their digital assets, allowing for the creation of NFT’s and digital merchandise for fans to purchase, among other concepts.

Man City isn’t the first team to make the leap. Manchester United also announced a partnership with firm Tezos to develop a crypto and merchandise entity for the team.

 

Why is it important?

The integration of the metaverse in big viewership sports like soccer not only affirms public interest in the concept but also confirms the utility of the metaverse now and into the future.

The next iteration and use of the internet coincides with a multitude of concepts already in existence, like NFT’s, virtual reality, and blockchain. The adoption and creation of metaverse concepts, like what both Manchester teams are doing, not only helps give legitimacy to the concept but also helps to monetize digital assets.

Being able to sell souvenirs, a virtual seat to watch a game and even player avatars brings businesses new avenues through which to increase revenue while potentially decreasing cost.

This is important to realize not just for sporting events, but for other ideations of businesses as well. If teams are able to digitize and monetize their assets for profit, this opens the avenue for other businesses to do the same.

Besides monetization, integrating a company’s digital assets into the metaverse likely means transactions will become more efficient and consumer to client relations will be easier than ever to manage, as platforms for meetings open up within the metaverse.

Surely, it won’t be long before businesses realize the potential use of the next iteration of the internet and all that the metaverse has to offer.

 

 

Follow us on social media for the latest updates in the world of Blockchain and Web3!

Latest

Mindful Leadership : Writing and Publishing Work in Web3
January 24, 2023
CEO of Gruve, Alec Jendal, gives perspective on how he sees Web3 changing the dynamic of how people write and publish their work.
CRE Property
AI and Blockchain: The Future of Commercial Real Estate Management and Maintenance
December 15, 2022
When it comes to the use of AI and blockchain to optimize the management and maintenance of commercial real estate portfolios, the future looks bright. Gone are the days when commercial real estate portfolio Read more
Music NFT
The Rise of NFT’s in the Music Industry: Benefits, Challenges, and Future Potential
December 12, 2022
What Are NFT's? Non-fungible tokens, or NFT's, are unique digital assets that are verified on a blockchain. This means that they are one-of-a-kind and cannot be replicated or replaced, making them valuable and Read more